Loans

Home Equity Line of Credit (HELOC)

Thinking about a major home project? Whether you are building an extension, remodeling a room, adding a new driveway, or finally installing that dream pool, a Home Equity Line of Credit (HELOC) can give you the flexibility and funding you need to bring your vision to life while making the most of your home’s equity.

  • Relationship pricing for customers who receive a direct deposit into their checking account at The Peoples Bank.
  • An introductory rate of PRIME – 0.75% (currently 6.75%) for the first 24 months, then converts to PRIME +0 for the remainder of the loan.
  • Additionally, the bank will pay $500 toward closing costs.
  • 10-year draw period and 10-year payback period.

 

  • Pay interest on what you use, not a larger lump sum
  • Interest may be tax deductible*
  • Funds available for any purpose
  • Re-access as needed without re-applying
  • Local service that’s personal and trustworthy

*Consult a tax advisor.

Credit subject to approval. Borrower must receive a direct deposit into an account at The Peoples Bank to receive the relationship pricing offer. Non-Relationship borrowers will forfeit closing cost credit and introductory rate discount. This is a variable rate HELOC and payments will increase or decrease monthly based on your balance and changes to the Prime Rate. The maximum ANNUAL PERCENTAGE RATE that can apply during the line of credit is 14.000 percent. The minimum ANNUAL PERCENTAGE RATE that can apply during the line of credit is 6.000 percent. Loan Terms: 10-year draw period with interest-only minimum payments followed by a 10-year repayment period with principal and interest payments. Borrower is responsible for all closing costs over $500. Customary closing costs include third-party fees for property appraisal, attorney/title, credit reports, flood determination, recording and mortgages taxes. These costs generally range between $750 and $2,000. Property insurance is required. Property insurance cost is not included in the closing cost estimate. Owner-occupied, single family primary residence only. (mobile, manufactured, modular, and “tiny” homes are not permitted). Remaining fees above $500 are to be paid by the applicant in cash or as a first HELOC advance. Other terms and conditions may apply. Consult your tax advisor regarding the deductibility of interest and charges. See Truth in Lending and The Peoples Bank Home Equity Line of Credit Agreement for complete disclosure. Offer good as of published date and may be rescinded at any time. Member FDIC Equal Housing Lender. NMLS No. 458664.

Mortgage Center

A home is one of the largest purchases you’ll make, and you have enough worries without loan hassles by some giant, impersonal institution. The Peoples Bank is local, and we may have even handled a mortgage for one of your neighbors. We know and live in this community, and we’ll give you personal attention and present options that can make your home-buying experience special and exciting.

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Personal Loan

When it comes to life’s big expenses, The Peoples Bank has you covered with personal loans. From unexpected costs like funerals or medical bills to exciting events like weddings and vacations, learn how we can help with all your personal loan needs.

  • Speedy approval process
  • No prepayment penalties
  • Flexible terms
  • Local and reliable personal service
  • Boat and RV loans also available!

*Consult a tax advisor.

Construction-to-Permanent Loan

Need cash to build your dream home, or to make construction improvements? The Peoples Bank makes construction loan decisions in Anderson and surrounding communities, so you can get to work quickly. Borrow local, build local! Draw money as you need it, and only pay interest on what you use.

  • One-time closing, so you can get started quickly
  • Up to 85% Loan-to Value
  • Draw funds stage-by-stage to cover construction costs as needed
  • Pay interest only on funds used—starting at first draw
  • Professional, personal service